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Author: MissMemphisBelle Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75801  
Subject: Re: Teachers and other pub emps Date: 5/5/2006 9:13 AM
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Because in this case, you have your elected union reps, you know, those same people you trust to get you a pay raise and good benefits, telling you to buy xyz product because they say it is the best, when nothing could be further from the truth.

Folks, the 403b, public educator market is not regulated like the 401k market. Your employer is legally liable if they don't provide you a proper plan. In the case of teachers, there is no such protection. They have a limited number of providers they can select from based on what the school board will allow, and what the union recommends.


I guess I just can't relate, because I'm not in a union.

I have to trust MYSELF to get a good pay raise and good benefits, and can't rely on anyone else to do that for me.

I'm not down on unions or teachers or anything, but I guess my point is, if you are a member of a union, and you are paying dues for representation, then it's up to you to keep an eye on things and make sure that your interests are being handled properly. If not, then you elect new union reps.

You can't just lean back and assume that Daddy Union is looking after you in every way. Just like I, as a non-union person with a 401(k) through my employer, had better be familiar with the investment choices being offered. Within the plan, I have choices of investments, and some cost more, some cost less. If my 401(k) plan is truly crappy, then I can go to my employer and ask for other options, or invest outside the plan. (I worked for a company years ago that had terrible options in the 401(k). Several employees got together and went to HR, and after a little time and convincing, we got a new 401(k).)

I guess I just don't see that there is a significant difference in this case, except that the teachers are expecting to be completely looked after by the union, and are apparently willing to abdicate some own personal responsibility in looking after their own investments.
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